What If I Find Another House?

When it comes time to home shop for your piece of New Orleans real estate, sometimes after accepting a contract for a home, our clients find another house they like. So, what happens if you find another house? As your New Orleans Realtor®, I am here to guide you through your options and things to think about!

One Option: Cancel Your Contract

If this other house you found is so great that you must have it, your next step is to cancel your current contract. If you’re still within your inspection period, you can cancel your Louisiana Residential Agreement to Buy or Sell without any penalties. However, if you’re outside of your due diligence window, then there are repercussions for this action.

If the inspection period window has already closed and you choose to cancel your contract, you will lose your deposit. The other factor to consider is that you’re opening yourself up to the seller suing you. They can sue you for either 10% of the contract price or for what is called specific performance. This means they can sue you to buy the home.

Can I Make an Offer and Keep My Other Contract? 

Ahhhhhhh, you want to hedge your bets. You want to make an offer on another home while keeping your current contract you have…. just in case your offer isn’t accepted.

While this isn’t technically illegal, it’s highly frowned upon, and most agents would not be interested in writing you another offer while you’re under contract for a house. They do not want to get a reputation for being an agent who does that and risk not having offers accepted in the future for other clients.

Let me have you ponder this: If you’re considering other homes while you have a contract on a house, is this really the home for you?

Is it FOMO? 

Do you just have a fear of missing out? Are you thinking that each new house that comes on the market is better than the one you currently have an accepted contract on?

Cause, let me tell you, there is ALWAYS another house! ALLLLLLWAYS!

My advice is to stop looking at homes on the internet after you have a contract on a house. It’s about the only way to prevent this feeling.

But, Daddy, I Love Him

Alright, then, I believe you. This other house you found is THE ONE. Then we need to cancel your current contract and pursue this other home. This is truly your best course of action. Even if you don’t get an accepted offer on this new home, it doesn’t seem like you really love the one you currently have.

What If I Want to Come Back to the First House? 

Look, we can always go back to the first house and say we had a change of heart. That seller may not be as flexible and will be wary of you since you previously canceled a contract. Nonetheless, they likely want to sell their house and are willing to take you back on! But don’t be upset if they do not wish to agree to the same terms as before.

Do I Have Other Options? 

Ummmmm – not really. You can’t have two accepted contracts on two different properties unless you’re willing to buy them both. You need to decide which house you like more or to continue your home search with something completely new.

But keeping two home sellers waiting for you to make decisions is wrong. It’s time to fish or cut bait, friends.

Last Thoughts

While it’s tempting to keep scrolling Zillow, Realtor dot com, and other real estate-related websites, pause once you have an accepted contract. It will keep you from constantly thinking there is a better home out there for you. However, I want you to consider before making an offer on any home: If you didn’t get your offer accepted, would it make you sad/angry/relieved/happy? Consider those thoughts before ever making a bid on a home.

Also, ask yourself, what intrigues me so much about this other house? Was it more square footage? A pool? Another bathroom? Maybe you just made a rash decision and need to keep searching for a better fit!

As your New Orleans real estate agent, I am here to support you on your home-buying journey. If we find ourselves in this predicament, don’t worry! We will chat about it and figure out what’s best for you!

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